Toncoin Open Interest (OI) has surged 67% in the last 24 hours, following announcements regarding the Telegram founder Pavel Durov’s exit from France, where he had been mandated to remain since his detention seven months ago.
On March 15, Toncoin (TON) OI — a measurement of the overall number of unsettled Toncoin derivative agreements like options and futures — attained $169 million, symbolizing a 67% rise from the previous day when the news of Durov’s exit first emerged, as per CoinGlass records.
Toncoin open interest hits peak level in 42 days
This is the highest recorded OI in Toncoin since February 1, when it was at $171.49 million.
TON serves as the native cryptocurrency of The Open Network, functioning as the sole blockchain infrastructure for Telegram’s Mini App ecosystem.
Toncoin open interest surged 67% on March 15. Source: CoinGlass
During the same 24-hour timeframe, TON’s price increased by 17%, trading at $3.45 at the time of this report, according to data from CoinMarketCap.
The trading resource account Crypto Billion remarked in a March 15 X post that Toncoin is “exhibiting indications of a potential long-term accumulation phase as it stabilizes near critical support levels.”
Nonetheless, if this upturn proves transient, about $18.8 million in long positions might be liquidated if TON’s price retreats toward the $3 mark it was trading at on March 14.
Toncoin open interest also spiked after arrest in 2024
Reports indicate that the court permitted Durov to travel to Dubai, a location lacking extradition agreements with numerous countries.
The market’s response suggests the potential implications of this case for the cryptocurrency sector. Many are concerned that Durov’s apprehension in August 2024 in France might set a precedent for a crackdown on other privacy-oriented services. He faced accusations of operating a platform that facilitates illegal transactions.
Related: Bitget predicts TON ‘de-Telegramization’ within the next 2 years
Similarly, when Durov was detained in August 2024, TON’s OI experienced a similar spike.
Following the announcement of Durov’s arrest on August 24, 2024, TON’s OI surged by 32% in the subsequent 24 hours, even as its price dropped by nearly 12%.
On January 21, Telegram declared its intention to stop supporting all blockchains besides The Open Network for its messaging services.
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